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over the fiscal cliff is serious business. >> reporter: any real deal-making is the stuff of quiet conversations and meetings. rob neighbors used the language of high-stakes diplomacy to respond to john boehner's complaint >> i thought the conversation was very direct. and as always, i appreciate directness. >> reporter: while the senate majority leader, harry reid, was very blunt about being pessimistic. >> i don't understand his brain, you should ask him. >> reporter: visiting their nation's capitol today, mixed expectations from tourists from georgia and texas >> i hope they get it, more than i did before the election. >> of course i'm nervous, you never know what politicians are going to do. >> reporter: democrats, still lifted by their election success, argued that voters chose higher tax rates for wealthy americans as part of any plan to cut the deficit. and say republicans will have to give in. >> did speaker john boehner get the message? because the message was work together. >> they're not going to openly concede on this point this far out from the deadline, but they see t
's happened over the last couple of weeks. going over the fiscal cliff is serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> the white house says they are willing to do tough things to compromise, so now it's time for republicans in washington to ask the wealthiest americans to pay higher tax rates. >> asking for a political price be paid in order for congress to do its job to insure that the united states of america pays its bills and does not default for the first time in its history is deeply irresponsible. it was deeply irresponsible in the summer of 2011 and it would be deeply irresponsible if we were to see that kind of approach taken again. >> today the president is going to take his case to the people of pennsylvania during a visit to hatfield and a road on group. it's the sole manufacturer of knex, which makes angry birds building sets. back to you. >> steve: all right. thank you very much. >> brian: it's unbelievable. the "washington post" says th
of resolution around the fiscal cliff. and most concerning to me, 60%+ of small businesses don't believe the government can figure out how to solve this fiscal cliff. > c'mon congress and president. all right, michael alter. i'm going to see you in a month. let's see if some things are improving. i appreciate it. > > i can only hope. thanks for having me. just ahead, are banking stocks ready to short circuit? a couple of traders charge in with their views after the break. >-.y÷$@y+o3vhpe the time has come for traders unplugged. joining us this week, a pair of options pros - alan knuckman and andrew keene. good morning guys. > > good morning angie. > round number one: dividend distributions. will a new, higher capital gains rate ruin the dividend stock payoff? and what will it mean for tech stocks or bonds? > > tech stocks i think are interesting and bonds as well. we have seen 103 companies report special dividends in quarter four. 66 of these companies have reported since president obama came in control. i think we have seen a lot of them. costco came out with a $67 special dividend, l
the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an apple pie. >>shepard: you mention speaker boehner and the fact is there is a group if his party, the conservative part that doesn't want him to act like he is moving and that is who he is talking to today? >>reporter: they want him to dig in. they want him to completely resist essentially going back to the old clinton administration tax rates of 39.6 percent on the top level. the bottom line when you ask about whether there is any progress there are signs of progress from the white house briefing and carney today said the president said in this phone call to speaker boehner, any deal has to have the rates going up but in the end, carney said it doesn't necessarily, he didn't say this directly but suggested it doesn'
the fiscal cliff is serious business, and i'm here seriously trying to resolve it, and i would hope the white house would get serious as well. >> i don't understand his brain so you should ask him. it's been weeks, at least two weeks, since we met at the white house and we're still waiting for a serious offer from the republicans. >> let's bring in minnesota congressman keith ellison, who was just re-elected as co-chair of the progressive caucus. there are reports out there right now that a deal may be taking shape that involves $400 billion, maybe even more, in what they call entitlement cuts over ten years, mostly from medicare. the progressive caucus, you're the chairman, you have drawn a line in the sand saying it simply won't support entitlement cuts. here's the question. how far would you go to oppose this? >> well, you know, i got to know exactly what the composition of this deal is. i really have only heard the reports you just repeated, so it's difficult to know exactly what they're talking about. i mean, really, we're making -- you're calling on me to make a decision with very limit
't listen to the rhetoric. >> going over the fiscal cliff is serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> speaker boehner this morning ssys there is no progress all you have to do is just listen to what's happening out there and you know there is progress? >> speaker boehner in his press conference said, quote, this is a moment for adult, for some adult leadership. kind of a slap at the president there, ashley. ashley: boy oh, boy. the rhetoric starting to get a little sharper with each passing day and hour. peter, on another issue what is the latest on the capitol visitors center being evacuated? >> looks like it may have been a false alarm. there were a number of fire trucks up here on capitol hill after the capital visitor center was evacuated. some of the streets around the capitol were closed off. our producers on the hill say the fire trucks are starting to leave. we have one report from the scanner, from the police and fire truck scanners that there may have been some smoke in the kitchen over there but it
. #. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to arou
. yesterday, our leadership team met with her stumbles and business leaders about averting the fiscal cliff and achieving a balanced approach the white house says it wants. i made clear we put real concessions on the line by putting revenues on the table right up front. unfortunately, many democrats continue to roll out sensible spending cuts that must rollup any agreement that will reduce our deficit. mr. bowles himself that there have been no serious discussion of spending cuts so far. unless there is, there is a real danger of going off the cliff. that will hurt our economy and cost american jobs. republicans have taken action to revert the fiscal cliff. to replace the sequestered and paid way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our countries debt crisis and get our economy going again and create jobs. right now, all eyes are on the white house. our country does not nee
in the coming year if we can get a deal on the fiscal cliff, that is the big question. businesses which have held off investing and hiring because of uncertainty over the fiscal outlook might finally open their wallets, that means more jobs too. a little bit more optimism potentially on the horizon. even if a tough jobs market and maybe an unpredictable economy there are some ways to get ahead. these why we what wanted to talk to our next guest who knows thing or two about that. joining us now, kat cole the president of cinnabon. you have a very unique journey to the position you have today. it all started at hooters, right? >> yeah, i started out like many teenagers, my first job in malls and restaurants, and i got a job at hooters as a hostess and worked my way up and became a waitress at haouters for a fe hooters, when the cooks quit i began to cook. that sent me all over the world opening up new hooters restaurants on continents outside of north america and getting great business experience. jenna: you were traveling to places like australia and central and south america to open up the f
of weeks. but going over the fiscal cliff is serious business, and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> is this based on your meeting with secretary geithner or your phone call with president obama last night. could you tell us something about that phone call? >> well, we had a very nice conversation last night. it was direct. and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much would you be open to the idea of discretionary spending cuts as part of a down payment to get to a longer range solution on entitlements and tax reforms? >> there are a lot of options on the table including that one. >> before the election you were asked whether if obama won taxes would have to go up. i are acknowledging that they will. >> the day after the election i came here and made it clear that the republicans would put revenue on the table as a way to begin to move the process to get this resolved. >> my question is, what message do you have for people who look at the negot
's every single move. coming up, a closer look at the fiscal cliff and how it could affect small businesses. [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios >>> fiscal split. the two sides seem farther than ever apart after round one of talks. >> asphalt eruption. the story behind this 30-foot geyser on a california street. >>> a new yorker hit by hurricane sandy hits power ball for a million bucks. welcome back to "early start." i'm christine romans. >> i'm zoraida sambolin. 30 minutes past the hour. jitters for small business owners. president obama is calling for $1.6 trillion in tax spikes. john boehner is telling him to get serious. >> with 32 days left, the two parties are trading insults with 90% of americans facing higher taxes next year. small business own
with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention. the white house making the case that extending the bush tax cuts for the middle class is directly connected to the health of our businesses. companies need to know consumers will be able to spend and in his first post-election interview president obama again rejected the house republican counteroffer that is on the table. >> unfortunately the speaker's proposal right now is still out of balance. we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> let's hope he sticks to it. >> g.o.p. leaders aren't only dealing with the president and congressional democrats they're dealing with a split within their own ranks. more conservative republicans don't want party leaders to compromise anymore than they think they already have. even though the republican plan offers u
the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> speaker boehner made very clear at his press conference that he thinks the ball is in your court and the president's court. he says democrats have got to get series about spending cuts. where is the disconnect? >> i don't understand his brain so you should ask him. okay? >> reid making those comments to our own kate bolduan. i'm joined by dan lothian. dan, we're learning more about the white house plan to deal with the fiscal cliff. break it down for us. >> reporter: right. this is the plan that secretary -- treasury secretary timothy geithner took up to capitol hill yesterday. it calls for $1.6 trillion in tax increases over a ten-year period more than republicans had anticipated. in addition to that, $400 billion in spending cuts that will come later. much of that not really specified. we're looking at entitlements such as medicare. and then the plan also includes $50 billion in stimulus spending. democrats see this really as sort of the opening s
over the last couple weeks. going over the fiscal cliff is serious business and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> reporter: you had senate republican leader mitch mcconnell say after a meeting with geithner that he considered this is a step backward. and so all the rhetoric, all the talk here on capitol hill sounds pretty pessimistic at this point, guys. bill: we heard a little bit from chris van hollen. what is the latest reaction from democrats to republicans mike? melissa: democrats say if you don't like the president's plan, republicans where is your plan? where exactly are you going to generate more revenue. they're trying to draw the republicans out to put specifics out there in terms of what cuts they want to make to entitlements, feeling like that may hurt republican argument. bottom line, house democratic leader nancy pelosi says she thinks republicans will eventually see the light. melissa: why am i confident? because it is the right thing to do. the american people expect and deserve this to happen. it
to take place. 32 days and counting. >>> the fight over the fiscal cliff is having an affect on small businesses right now. just as congress, the people running those businesses, they're not agreeing on a solution, but poppy harlow, she's got the perspective from the folks who are suffering. >> if any company, any business did the method of accounting as the government sdshgs we would be in jail. >> you sound like you've had it? >> yes, basically i have. >> debt is a cancer. that's what bob told me when we met him at his limousine company in freehold, new jersey. stoo here's the reservations. staffed 24 hours a day. >> reporter: he started the business back in 1984. today he has a staff of 75. 53 cars. one big question. >> i just want congress to tell me to come up with what the boundaries are so i know -- i know how to run my business. i know how to plan. >> he has laid off four employees in the last six months. he says the business made it through the stock market crash of 1987, the savings and loan crisis, and 9/11 with no decline in revenue until the financial crisis of 2008 and n
29 days until the country reaches the so-called fiscal cliff. and only 19 of those are business days. as yet there's been no counteroffer from the gop but today "the wall street journal" advises republicans to say the course writing given the political difficulty of reforming entitlements republicans are right to try get mr. obama's fingerprints on a deal this year. if mr. obama won't agree to these demin muss reforms republicans should let mr. obama own the debt crisis he has done so much to create. conservative commentator bill crystal says they're making a dangerous gamble. >> republicans are at risk in my view now of looking like they're defending, keeping the current tax rates for the wealthy. end of the day president obama is selling a simple message, i want to keep taxes low for middle-class americans and republicans look like -- i'm worried are in the position offiof ing -- looking as fe the don't care about middle class. >> joining us is the sage of capitol hill, boat shoe enthusiast and celebrity doppelganger, nbc's luke russert. >> good day. happy monday. >> thank you, luk
person, everyone talks about what the fiscal cliff could do to small business, what obama care can do for small business, but you said we shouldn't worry about that so much, that we should get some sort of compromise in order to keep moving and keep talking and keep moving forward? >> well, i think that it was pretty clear during the course of the election and since and even in the president's speech today where he said he's willing to give on some revenue and some spending cuts, he's proposed some, he's already passed some into law. and beyond that, just from my perspective, what i see is that we know that we're a confidence-based economy, we're 70% of the economy driven by consumer spending and anything that puts a crimp in consumer spending is not good for the economy. so to put a tax rise, a tax rate increase for the middle class makes no sense to me. someone who makes 50, 60, $70,000 a year will lose and will take away a lot of discretionary purchases from people like me and travel and a whole host of other areas. i hope our leaders in washington are listening and they take the s
-called fiscal cliff. this is in fact the family and business tax cut certainty act of 2012. while i hope that the negotiations to avert the fiscal cliff are successful, in my view we should not wait for a grand bargain in order to finish work on this important tax extender legislation. tax extenders are different from the other fiscal cliff issues for three basic reasons, and let me describe those reasons. first tax extenders are much less contentious than the other end of year problems that we -- that need to be resolved. the tax extender bill on the senate calendar has strong bipartisan support. in august, the finance committee approved it by a large margin. we have support from six republicans, including the ranking member, senator hatch. all 13 democrats supported it. i believe that many more republicans will vote for this legislation if it's brought up for consideration here in the senate. the bill consists entirely of tax cuts. it should not be difficult to get senators to vote for tax cuts, right before christmas especially. most of these tax cuts have solid bipartisan support. ma
middle-class tax cuts and avoid the fiscal cliff. taxes will go up an average of $2200 and both parties say they are open to compromise. taxes concern small business owners who met with the president yesterday. one of them runs an organic mushroom company. he told us that higher taxes will kill his business. >> we are most passionate about, a business like ours, if people are going to be taxed a couple more thousand dollars, that will affect us, as well. >> he admits his small business has benefited from programs he and friend started it three years and now they have 31 employees. >>> for the first time since the election, president obama will meet privately with the man he beat in the race for president, mitt romney. they will talk tomorrow about ideas reviving the economy. president obama said that he would reach out to mitt romney and hold that private meeting after the election. today the president met with yahoo ceo marissa myer. she is trying to avoid the fiscal cliff. and she told a reporter, quote the baby has been way easier than everybody made it out to be. 37-year-old added s
to the world that we are open for business. short of going off the fiscal cliff entirely, passing the senate tax increase instead of proposing these, or pursuing these progrowth and fiscal reform ideas is the worst idea on the table. raising the top two marginal rates would reverse long-standing tax policy and hit nearly a million business owners in the process. it would eliminate over 700,000 jobs, as i said. if the president is genuinely interested in economic growth and higher tax reference that come from -- revenues that come from it, he should drop his demands for the senate bill and listen to the consensus that higher taxes hurt growth and lower taxes help create jobs and prosperity. the presiding officer: the senator from alabama. mr. sessions: i appreciate senator kyl's comments. i share them and just would say we're going to miss the most knowledgeable fiscal tax expert in the senate. his long career includes time on the finance committee. thank you, senator kyl. i want to express some reservations about the negotiations that have been going on, as i understand it, reading the paper
stories day after day on the so-called fiscal cliff often omit that the senate has passed legislation to shield 98% of families and 97% of small businesses from the income tax part of this so-called fiscal cliff. we passed the middle-class tax cuts act on july 25 of this year and we sent the measure to the house of representatives. did speaker boehner and the republicans in the house promptly pass this popular bill and send it to president obama for his signature? did they move to protect 98% of middle-class families from this tax hike in january? no. no. they decided to hold the middle-class tax cuts passed by the senate hostage in an attempt to push for tax cuts for the folks they care the most about, the top 2% of highest earning households. republicans fighting for millionaires and billionaires is not a new story. in 2001, president george w. bush decided to spend a large portion of the surpluses he inherited from president clinton to cut tax rates. many democrats opposed him then because the tax cuts were unfair, favoring the highest-income americans. to overcome that obstacle, t
into romney's business experience. as issues like the fiscal cliff, unemployment and the deficit loom. but while there will be several openings in the obama cabinet for the second term, white house press secretary jay carney says romney is unlikely to fill them. >> is governor romney here tomorrow in some kind of cabinet-level position? some kind of audition for that position? >> no. >> reporter: and some think president obama could be aiming a little higher than a cabinet post. >> and after three weeks of dealing with the benghazi scandal, and the fiscal cliff, obama is prepared to offer romney a position in the administration, president of the united states. [ laughter ] he's like, i made a mistake. it's all yours. why, thank you. >> reporter: all jokes aside, this meeting of the political minds could be beneficial for both men. for the president, it is a chance to show he's put a tough campaign behind him. and is taking a bipartisan approach to his second term. and for romney, it's an opportunity to rehabilitate his image, which took a hit shortly after the ballots were counted, th
certainty going into next year. >> this is not -- the fiscal cliff is not about long-term solutions to anything. the fiscal cliff is not about solutions, period, not real solutions. what we have here is political gamesmanship. >> greta: tonight republicans have a sizzling question for president obama, what is his plan? senator john cornyn putting that message into a video. ♪ >> greta: senator ron johnson sits on the budget committee. he joins us. how you doing, sir? >> very well. >> greta: before i ask you what you understand to be the president's plan, the republicans put the revenues on the table. where do you get those revenues? >> first of all, a number of republicans said they're willing to consider that if they see the other half of the president's promised balanced approach. you know, where is he going to start restrained growth in government? we're open to working with anybody who's willing to acknowledge the problem. >> greta: who's going to blink first? >> first of all, let me tell you where you should get revenue. >> greta: okay. >> by growing the economy. just a couple
speaker, john boehner, both expressing optimism on those fiscal cliff negotiations in washington. the dow rallied 100 points yesterday off of those comments. how many times have you heard me say congress will mess it up. >>> goldman sachs ceo met with the president and others yesterday for those fiscal cliff talks. listen to what he told wolf blitzer when asked if taxes should be raised on those making more than $250,000 a year. if that's what it takes to make the math work when you look at entitlement side and revenue side, i wouldn't preclude that. of course we would have to do that if the numbers drive that way. >> he said america can't afford itself right now the way we're going. fiscal cliff talks today continue with geithner making the rounds on capitol hill. later this morning, third quarter gdp expected to be revised higher. economists expect gdp for july to september to be revised from 2% to 2.8%. that would be good news. this is still modest growth. everyone hopes that next year will be a better year than this one in terms of growth. you want to see more than 2.5% growth consist
's the way it will be for much of december, unless there's a huge headline on the fiscal cliff talks. back with the mayor of phoenix trying to lure people away from california. stuart: businesses in california fleeing that state, tax rates, cost of doing business just too much. one place they are going to phoenix, arizona. here's why, according to the phoenix economic council, operating costs are 40% lower than in california. arizona so attractive to business that in the last eight years more than 60 california companies have relocated there. phoenix mayor greg stanton joins us right now. your honor, welcome to the show. good to have you with us. >> great to be on, thanks for having me. stuart: okay, now, you have got a great climate, understand that. your costs are 40% lower, but i want to know, did you prize those california companies over to you by giving them huge tax breaks? >> we want to make sure in arizona that we are as competitive as possible. stuart: is that a yes? programs, tax incentives, but look, a company is not going to move, a company is not going to expand in arizona jus
with the fiscal cliff, but also a new cabinet and some reports say he could appoint new cabinet members in the next couple of weeks, including secretary of state, and someone to be the new defense secretary as well. and that means could susan rice get the call? all indications are yes, at this point, unless for some reason, john kerry sneaks in because he'd have a smoother confirmation, juliet. >> juliet: yeah, the problem is what happened with benghazi seems to be a replay of what happened when she was involved with watching over africa when she was at the state department. and the-- exactly being back in 1998. there was information that al-qaeda had cells in some of the major cities in africa and that they asked, asked for more security and didn't get it. sound familiar? and yesterday on sean hannity's show, the family of two of the victims killed in the 1998 bombings had some comments. >> what we do know as early as 1996 our intelligence community had live active sells, in nairobi, kenya, despite those facts nothing was done to increase securities in our embassies in nairobi or tanza
're going to nienld out. it's rough. as we approach the fiscal cliff and harry reid's state has been slow. it's hit every industry in nevada and i mean every industry. >> how's business? >> it's been better. >> susan austin run as small business outside reno, nevada, but her business is different. it's a brothel. the legendary mustang ranch. >> this is one of our suites, the asian suite. austin thought the world's oldest profession would be recessionproof. not true. >> then went my high rollers. they discovered they didn't have the discretionary income and they couldn't play as hard as they used to. well that definitely dug into their wallets which definitely affected us. >> will the fiscal cliff impact the mustang ranch? >> well, if folks rub out of money and jobs, i suppose it could. >> gillman is a republican who is looking to nevada's powerful democrat harry reid to keep that from happening. >> do you like harry read? >> harry reid and i have been friends if 30r years and harry and i both share a vision and a love for the state of nevada. >> susan austin says even here the cliff will
leadership says he thinks president obama wants to go over the fiscal cliff by proposing higher taxes, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,000 being top 2% or the wealthy people in america ignores the way most small businesses work in america. >> reporter: i mentioned president obama is going out on the trail, if you will in pennsylvania to sell his arguments. one would expect we would hear some sort of response from speaker john boehner after that. jon. jon: what are the democrats saying? i mean about these g.o.p. complaints? what is your response? >> reporter: they are saying republicans if you don't like the president's plan, where is your own plan? they are asking for specifics on revenue in terms of tax revenue. they are also asking for specifics on what repu
comments made by president obama and house speaker john boehner, both expressing optimism on fiscal cliff negotiations in the washington. in a new report from the congressional budget office it says more than half a trillion has been spent on jobless benefits over the past five years. $520 billion in jobless benefits in five years. also part of the debate, whether to extend the deadline to file for additional unemployment benefits beyond the end of the year. spending on food stamps is rising. nearly 15 million households received food stampses in 2011, up 10% from the year before according to new data from the census bureau. it shows you the far reach of the government right now in the safety net in supporting american families. all of that at the core of the debate of what's happening with the fiscal cliff. >>> $7 coffee. starbucks thinks you will pay. coffee connoisseurs can pay $7 for a grande cup of costa rica fincapalamara. it's called mucho deneiro. cultivated from a central american bean known as geisha. it is extremely difficult to produce. the same america who spends $7 on lotter
this morning. we're still worried about the fiscal cliff. this is touch and go here. markets finished up a little bit yesterday. but they came off the day's highs after downbeat comments from house speaker john boehner on ongoing fiscal cliff negotiations, which are more of a tiff than a solution at this point. >>> new mortgage rate numbers for you still near historic lows. 3.32%. everyone is shaking their head on the table. 2.64% for a 15-year fixed. now, interestingly is the cherished mortgage deduction on the table in the fiscal cliff talks? they are fighting hard to make sure that deduction doesn't go away. they say getting rid of it for any level of earners would hit the home sales just as they are coming back. who benefits the most? households earning more than $250,000 a year. average $5,500. for those making less than $40 it was only a $91 benefit. what will happen to america's favorite tax break? still big unknown in these fiscal talks. >> you have to believe it will not last 14 months the way it is. >> if you are on the coast and chicago, it is high. home priced areas. people a
? on the substance, the senate has passed a bill that goes a long way to address the fiscal cliff. that's already passed here. last july the senate passed a bill to continue tax cuts for 98% of all americans and 90% of all american small businesses. if the republican leader were serious about preventing us from going over the fiscal cliff, he would urge his colleague, the speaker, tpo get the house to -- to get the house to take up the senate-passed bill now. there are republicans who have already said that's the right thing to do, conservatives, moderates, we had one senator today who said she thinks that should happen. in the meantime -- that was a republican senator, by the way. the republican leader is, mr. president, just as stunned. the election is over. it's time to get down to business. mr. president, this paper he has, secretary geithner didn't bring that stack of stuff to me. it was a private meeting, trying to work something out with this very troublesome issue fating -- facing this country: the deficit, the debt. this private meeting turned out to be a publicity stunt for republicans
is terrible for the market. well, the easiest way to end the uncertainty about the fiscal cliff and tax rates and their potential impact of the vast majority of americans as they go into this vital holiday shopping season that's pretty central to our economy is for us to pass that and say okay, that part of this is over. the $2,000 on average tax hike that most working families are facing, if we go over the cliff done, taken care of. now, let's work through the balance of increased revenue on the high income earners and spending cuts that we need to get done to achieve a roughly $4 trillion savings. >> bill: and closing loopholes and other issues. >> that's a difficult process. there's lots of detail to it. in my view, there's two bad outcomes here that are quite possible. first is we do nothing. which is -- something we seem to have shown some real capability of. but if we go over the if is cal cliff, which is really more of a slope than a cliff. it is not like y2k where january 1, everybody has a dramatic cuts in services an
to avert that fiscal cliff that we hear so much about. yesterday, after weeks of delay, and as the days dwindle and taxes are set to go up for millions of families and businesses, republicans in the house finally showed up at the negotiating table. and now we know why they've been holding their cards so close it their vest. their proposal would raise taxes on millions of middle-class families. their plan to raise $800 billion in revenue by eliminating popular tax deductions and credits would reach deep into pockets of middle-class families. republicans are so intent on protecting low tax rates for millionaires and billionaires, they're willing to sacrifice middle-class families' economic security to do so. at the first of the year, middle-class families, will get an average of $200 i,200 in additional taxes they'll have to pay. their proposal was short on specifics but we do know from independent analysis that it is impossible to raise enough revenue and make a dent in our deficit without using one of two things -- raising tax rates on the top 2% or raising taxes on the middle class. an
disasters. we don't need to navigate the fiscal cliff. that will hurt the economy. when the economy is bad, less people travel commercially for leisure, less people send packages. it hurts us and again, razor thin profit margin, we need a good economy, we need the economy good overt long haul. it's good for business. >> gretchen: do you think they were actually listening to what you had to say? >> i think they were. >> gretchen: really? >> yeah. i think it was a good discussion because the business radio he said were talking about what the impact of going overt cliff would be and also with a it would be down the line. >> gretchen: but so much, nick, of what's been discussed in the press is only about increasing taxes. you just got done talking about the fact that a stool falls over unless you have the other legs there. did you get the sense in these insider talks that people are actually going to take on entitlement reform? >> i think behind the scenes talk, yes. right now there is a lot of public posturing going on and that, i think, i personally think that's a problem because in the nego
've got a fiscal cliff now. we have the fiscal abyss next year. we need to say, don't come home. no deal, no break. members should be in washington at least five days a week like every other american and not leave until they deal with the fiscal cliff this year or until we get a grand bargain next year. they would pull off seven times more days -- >> david faber tweeted this morning that they should be locked in a room and forced to listen to the animal orchestra until they have a deal. >> david faber's hair. >> you put them in a room. you tell them they're going to sit there until the deal is done. day three, no more food. day five, no water. day seven, the waterboarding begins. that would get it done. >> and the president should be there, too. >> the president does work five days a week. >> but not in the same room. but he is home. he's already home. >> but listen, they spend too much time raising money. if they did a good job, they wouldn't have to raise as many money. if they got paid for performance, they wouldn't have any money. >> are you going to run for linda mcmahon's seat? >>
the fiscal cliff and the market dove yesterday on comments from house speaker john boehner. data released yesterday showed economic growth in the u.s. is still weak. consumers and businesses alike are putting a hold on spending. natalie? >> thank you. >>> and a grade school in south lina has shed new light on how to take a class photo. they didn't just stick the short kids in front, call kids in the back. each child wore a specific color, formed an amazing image of a light house. all part of the annual cultural week at beach hill elementary. great job, kids. that's fantastic. >>> it is 7:19. back to savannah, willie, and al. makes my photos look terrible. >> way more organization than my elementary school. >>> who will be with david gregory? just wondering. >> people don't know, willie trying to do an interview with david gregory, al was heckling him. >> heckling me here, covering serious matters of the day, have the peanut gallery over here. >> can't be with the one you love, love the one you're with. >>> how about the weather. >> let's show you what we've got. here in the east, looking
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